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Emerald Fund’s latest development in Richmond’s Marina Bay just launched and the biggest selling point is the price. The Cove is a 151-unit condo community with residences starting in the $300Ks, well below the average price of a home in San Francisco.
“The area is a hidden gem in the East Bay. It’s experiencing a great resurgence, with an influx of new residents, employers, and a bustling wine, dining and entertainment hub,” Emerald Fund chairman Oz Erickson said.
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Erickson expects the condos to sell out fast, especially with the low price point. On a pre-sale basis, Erickson said The Cove had 25 condos under contract or reserved.
Emerald Fund’s previous Marina Bay development, The Shores, sold out within 18 months, according to Erickson. The Cove already was planned, but the success of The Shores confirmed Emerald Fund’s plans to continue with a second development.
The Cove offers one- and two-bedroom condos with patios and decks, open floor plans, covered parking with guest spaces and wood-burning fireplaces in some homes. Interiors include modern finishes and upgraded kitchens, bathrooms, laundry rooms and quartz countertops. Interiors can be customized by an on-site design department.
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The gated community is built alongside a boating marina and near the upscale restaurant Salute E Vita Ristorante. A commuter ferry service is within walking distance and it is about a 15-minute drive to San Francisco.
Amenities include walking paths with marina views, a pool and spa, a community clubhouse and a fitness studio.
Erickson said The Cove is near a 20-mile Bay Trail, the Point Isabel Dog Park and Craneway Pavilion, an event, concert and production facility where the Oakland Symphony performs. A planned development from UC Berkeley to create an international center also will add to the allure of the area, Erickson said.
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